Danmarks Nationalbank undertakes all functions related to the management of the Danish central-government debt. The division of responsibility is set out in an agreement between the Ministry of Finance of Denmark and Danmarks Nationalbank.

Danish and Faroesebanknotes are printed at Danmarks Nationalbank's Banknote Printing Works.[3] This ended 20 December 2016, and the printing of banknotes has been outsourced due to less demand for cash,[4] and cut in expenses of 100 million crowns until 2020.[5]

Contents

The bank was established on 1 August 1818 by King Frederick VI of Denmark. The private bank was given a 90-year monopoly on currency issue, which was extended in 1907 out to 1938. In 1914, the National Bank became the sole banker for the Danish government. The bank became fully independent of the government in 1936.

The official logo of the bank is a nineteenth-century version of Denmark's coat of arms showing the insignia of Denmark, Schleswig, and Holstein. The two latter provinces were lost in the 1864 Second War of Schleswig, and the bank is the only official Danish institution still using this insignia. Since the late 19th century, coins minted by the bank carry a heart-shaped mint mark. Before this time, the Mint used a mark showing the royal crown.

1.
Copenhagen
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Copenhagen, Danish, København, Latin, Hafnia) is the capital and most populous city of Denmark. Copenhagen has an population of 1,280,371. The Copenhagen metropolitan area has just over 2 million inhabitants, the city is situated on the eastern coast of the island of Zealand, another small portion of the city is located on Amager, and is separated from Malmö, Sweden, by the strait of Øresund. The Øresund Bridge connects the two cities by rail and road, originally a Viking fishing village founded in the 10th century, Copenhagen became the capital of Denmark in the early 15th century. Beginning in the 17th century it consolidated its position as a centre of power with its institutions, defences. After suffering from the effects of plague and fire in the 18th century and this included construction of the prestigious district of Frederiksstaden and founding of such cultural institutions as the Royal Theatre and the Royal Academy of Fine Arts. Later, following the Second World War, the Finger Plan fostered the development of housing, since the turn of the 21st century, Copenhagen has seen strong urban and cultural development, facilitated by investment in its institutions and infrastructure. The city is the cultural, economic and governmental centre of Denmark, Copenhagens economy has seen rapid developments in the service sector, especially through initiatives in information technology, pharmaceuticals and clean technology. Since the completion of the Øresund Bridge, Copenhagen has become integrated with the Swedish province of Scania and its largest city, Malmö. With a number of connecting the various districts, the cityscape is characterized by parks, promenades. Copenhagen is home to the University of Copenhagen, the Technical University of Denmark, the University of Copenhagen, founded in 1479, is the oldest university in Denmark. Copenhagen is home to the FC København and Brøndby football clubs, the annual Copenhagen Marathon was established in 1980. Copenhagen is one of the most bicycle-friendly cities in the world, the Copenhagen Metro serves central Copenhagen while the Copenhagen S-train network connects central Copenhagen to its outlying boroughs. Serving roughly 2 million passengers a month, Copenhagen Airport, Kastrup, is the largest airport in the Nordic countries, the name of the city reflects its origin as a harbour and a place of commerce. The original designation, from which the contemporary Danish name derives, was Køpmannæhafn, meaning merchants harbour, the literal English translation would be Chapmans haven. The English name for the city was adapted from its Low German name, the abbreviations Kbh. or Kbhvn are often used in Danish for København, and kbh. for københavnsk. The chemical element hafnium is named for Copenhagen, where it was discovered, the bacterium Hafnia is also named after Copenhagen, Vagn Møller of the State Serum Institute in Copenhagen named it in 1954. Excavations in Pilestræde have also led to the discovery of a well from the late 12th century, the remains of an ancient church, with graves dating to the 11th century, have been unearthed near where Strøget meets Rådhuspladsen

2.
Kingdom of Denmark
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The term Danish Realm refers to the relationship between Denmark proper, the Faroe Islands and Greenland—three countries constituting the Kingdom of Denmark. The legal nature of the Kingdom of Denmark is fundamentally one of a sovereign state. The Faroe Islands and Greenland have been part of the Crown of Denmark since 1397 when the Kalmar Union was ratified, legal matters in The Danish Realm are subject to the Danish Constitution. Beginning in 1953, state law issues within The Danish Realm has been governed by The Unity of the Realm, a less formal name for The Unity of the Realm is the Commonwealth of the Realm. In 1978, The Unity of The Realm was for the first time referred to as rigsfællesskabet. The name caught on and since the 1990s, both The Unity of The Realm and The Danish Realm itself has increasingly been referred to as simply rigsfællesskabet in daily parlance. The Danish Constitution stipulates that the foreign and security interests for all parts of the Danish Realm are the responsibility of the Danish government, the Faroes received home rule in 1948 and Greenland did so in 1979. In 2005, the Faroes received a self-government arrangement, and in 2009 Greenland received self rule, the Danish Realms unique state of internal affairs is acted out in the principle of The Unity of the Realm. This principle is derived from Article 1 of the Danish Constitution which specifies that constitutional law applies equally to all areas of the Danish Realm, the Constitutional Act specifies that sovereignty is to continue to be exclusively with the authorities of the Realm. The language of Denmark is Danish, and the Danish state authorities are based in Denmark, the Kingdom of Denmarks parliament, with its 179 members, is located in the capital, Copenhagen. Two of the members are elected in each of Greenland and the Faroe Islands. The Government ministries are located in Copenhagen, as is the highest court, in principle, the Danish Realm constitutes a unified sovereign state, with equal status between its constituent parts. Devolution differs from federalism in that the powers of the subnational authority ultimately reside in central government. The Self-Government Arrangements devolves political competence and responsibility from the Danish political authorities to the Faroese, the Faroese and Greenlandic authorities administer the tasks taken over from the state, enact legislation in these specific fields and have the economic responsibility for solving these tasks. The Danish government provides a grant to the Faroese and the Greenlandic authorities to cover the costs of these devolved areas. The 1948 Home Rule Act of the Faroe Islands sets out the terms of Faroese home rule, the Act states. the Faroe Islands shall constitute a self-governing community within the State of Denmark. It establishes the government of the Faroe Islands and the Faroese parliament. The Faroe Islands were previously administered as a Danish county, the Home Rule Act abolished the post of Amtmand and these powers were expanded in a 2005 Act, which named the Faroese home government as an equal partner with the Danish government

3.
Danish krone
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The krone is the official currency of Denmark, Greenland and the Faroe Islands, introduced on 1 January 1875. Both the ISO code DKK and currency sign kr. are in use, the former precedes the value. The currency is referred to as the Danish crown in English. Historically, krone coins have been minted in Denmark since the 17th century, one krone is subdivided into 100 øre, the name øre possibly deriving from Latin aureus meaning gold coin. Altogether there are eleven denominations of the krone, with the smallest being the 50 øre coin, formerly there were more øre coins, but those were discontinued due to inflation. The krone is pegged to the euro via the ERM II, the oldest known Danish coin is a penny struck AD 825–840, but the earliest systematic minting produced the so-called korsmønter or cross coins minted by Harald Bluetooth in the late 10th century. Organised minting in Denmark was introduced on a larger scale by Canute the Great in the 1020s, for almost 1,000 years, Danish kings – with a few exceptions – have issued coins with their name, monogram and/or portrait. Taxes were sometimes imposed via the coinage, e. g. by the substitution of coins handed in by new coins handed out with a lower silver content. Danish coinage was based on the Carolingian silver standard. Periodically, the value of the minted coins was reduced. This was mainly done to generate income for the monarch and/or the state, as a result of the debasement, the public started to lose trust in the respective coins. Danish currency was overhauled several times in attempts to restore public trust in the coins, in 1619 a new currency was introduced in Denmark, the krone. One krone had the value of 1 1/2 Danish Rigsdaler Species accounting for 96 Kroneskillinger, later for 144 common Skillings, until the late 18th century, the krone was a denomination equal to 8 mark, a subunit of the Danish rigsdaler. A new krone was introduced as the currency of Denmark in January 1875 and it replaced the rigsdaler at a rate of 2 kroner =1 rigsdaler. This placed the krone on the standard at a rate of 2480 kroner =1 kilogram fine gold. The latter part of the 18th century and much of the 19th century saw expanding economic activity, consequently, banknotes were increasingly used instead of coins. The introduction of the new krone was a result of the Scandinavian Monetary Union, the parties to the union were the three Scandinavian countries, where the name was krone in Denmark and Norway and krona in Sweden, a word which in all three languages literally means crown. The three currencies were on the standard, with the krone/krona defined as 1⁄2480 of a kilogram of pure gold

4.
ISO 4217
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The ISO4217 code list is used in banking and business globally. ISO4217 codes are used on tickets and international train tickets to remove any ambiguity about the price. The first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes and the third is usually the initial of the currency itself, so Japans currency code is JPY—JP for Japan and Y for yen. This eliminates the problem caused by the dollar, franc, peso and pound being used in dozens of different countries. Also, if a currency is revalued, the currency codes last letter is changed to distinguish it from the old currency. Other changes can be seen, however, the Russian ruble, for example, changed from RUR to RUB and these currency units are denominated as one troy ounce of the specified metal as opposed to USD1 or EUR1. The code XTS is reserved for use in testing, the code XXX is used to denote a transaction involving no currency. There are also codes specifying certain monetary instruments used in international finance, the codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit, had the code XEU, the use of an initial letter X for these purposes is facilitated by the ISO3166 rule that no official country code beginning with X will ever be assigned. Because of this rule ISO4217 can use X codes without risk of clashing with a country code. ISO3166 country codes beginning with X are used for private custom use, consequently, ISO4217 can use X codes for non-country-specific currencies without risk of clashing with future country codes. The inclusion of EU in the ISO 3166-1 reserved codes list, the ISO4217 standard includes a crude mechanism for expressing the relationship between a major currency unit and its corresponding minor currency unit. This mechanism is called the exponent and assumes a base of 10. For example, USD is equal to 100 of its currency unit the cent. So the USD has exponent 2, the code JPY is given the exponent 0, because its minor unit, the sen, although nominally valued at 1/100 of a yen, is of such negligible value that it is no longer used. Usually, as with the USD, the currency unit has a value that is 1/100 of the major unit, but in some cases 1/1000 is used. Mauritania does not use a decimal division of units, setting 1 ouguiya equal to 5 khoums, some currencies do not have any minor currency unit at all and these are given an exponent of 0, as with currencies whose minor units are unused due to negligible value. There is also a code number assigned to each currency

5.
Central bank
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A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt

6.
Eurozone
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The eurozone, officially called the euro area, is a monetary union of 19 of the 28 European Union member states which have adopted the euro as their common currency and sole legal tender. The monetary authority of the eurozone is the Eurosystem, the other nine members of the European Union continue to use their own national currencies, although most of them are obliged to adopt the euro in future. Other EU states are obliged to join once they meet the criteria to do so, no state has left, and there are no provisions to do so or to be expelled. Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. The ECB, which is governed by a president and a board of the heads of central banks. The principal task of the ECB is to keep inflation under control, the Eurogroup is composed of the finance ministers of eurozone states, but in emergencies, national leaders also form the Eurogroup. Since the financial crisis of 2007–08, the eurozone has established and used provisions for granting loans to member states in return for the enactment of economic reforms. The eurozone has also enacted some limited fiscal integration, for example in peer review of each others national budgets, the issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone change. In 1998 eleven member states of the European Union had met the euro convergence criteria, Greece qualified in 2000 and was admitted on 1 January 2001 before physical notes and coins were introduced on 1 January 2002 replacing all national currencies. Between 2007 and 2015, seven new states acceded, the 2012 data above of eurozone states were published by World Bank in May 2014. Latvia and Lithuania were not in the eurozone in 2012, the euro replaced the ECU1,1 at the exchange rate markets, on 1 January 1999. During 1979-1999, the D-Mark functioned as a de facto anchor for the ECU, the first enlargement of the eurozone, to Greece, took place on 1 January 2001, one year before the euro had physically entered into circulation. The next enlargements were to states which joined the EU in 2004, and then joined the eurozone on 1 January in the noted, Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia. All new EU members joining the bloc after the signing of the Maastricht treaty in 1992 are obliged to adopt the euro under the terms of their accession treaties, nine countries are EU members but do not use the euro. Before joining the eurozone, a state must spend two years in the European Exchange Rate Mechanism, as of January 2017, only the National Central Bank of Denmark participates in ERM II. Denmark and the United Kingdom obtained special opt-outs in the original Maastricht Treaty, both countries are legally exempt from joining the eurozone unless their governments decide otherwise, either by parliamentary vote or referendum. The other seven countries are obliged to adopt the euro in future and they should join as soon as they fulfil the convergence criteria, which include being part of ERM II for two years. Sweden, which joined the EU in 1995 after the Maastricht Treaty was signed, is required to join the eurozone, Interest in joining the eurozone increased in Denmark, and initially in Poland, as a result of the 2008 financial crisis

7.
European System of Central Banks
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The European System of Central Banks consists of the European Central Bank and the national central banks of all 28 member states of the European Union. The ESCB is not the authority of the eurozone, because not all EU member states have joined the euro. That role is performed by the Eurosystem, which includes the central banks of the 19 member states that have adopted the euro. The ESCBs objective is price stability throughout the European Union, secondarily, the ESCBs goal is to improve monetary and financial cooperation between the Eurosystem and member states outside the eurozone. The process of decision-making in the Eurosystem is centralized through the bodies of the ECB, namely the Governing Council. As long as there are EU member states which have not adopted the euro, a third decision-making body, the General Council comprises the President and the Vice-President and the governors of the NCBs of all 28 Member States. The ESCB is composed of the European Central Bank and the central banks of all 28 member states of the European Union. The first section of the following list lists member states and their central banks that form the Eurosystem, the second section lists member states and their central banks that maintain separate currencies. European Central Bank ECB – The General Council Organisation and operation of the ECB CVCE

8.
ESCB
–
The European System of Central Banks consists of the European Central Bank and the national central banks of all 28 member states of the European Union. The ESCB is not the authority of the eurozone, because not all EU member states have joined the euro. That role is performed by the Eurosystem, which includes the central banks of the 19 member states that have adopted the euro. The ESCBs objective is price stability throughout the European Union, secondarily, the ESCBs goal is to improve monetary and financial cooperation between the Eurosystem and member states outside the eurozone. The process of decision-making in the Eurosystem is centralized through the bodies of the ECB, namely the Governing Council. As long as there are EU member states which have not adopted the euro, a third decision-making body, the General Council comprises the President and the Vice-President and the governors of the NCBs of all 28 Member States. The ESCB is composed of the European Central Bank and the central banks of all 28 member states of the European Union. The first section of the following list lists member states and their central banks that form the Eurosystem, the second section lists member states and their central banks that maintain separate currencies. European Central Bank ECB – The General Council Organisation and operation of the ECB CVCE

9.
Monetary policy
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Further goals of a monetary policy are usually to contribute to economic growth and stability, to lower unemployment, and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy, since the 1970s, monetary policy has generally been formed separately from fiscal policy, which refers to taxation, government spending, and associated borrowing. Monetary policy is referred to as either being expansionary or contractionary, expansionary policy is when a monetary authority uses its tools to stimulate the economy. An expansionary policy increases the supply of money in the economy more rapidly than usual. It is traditionally used to try to combat unemployment in a recession by lowering interest rates in the hope that easy credit will entice businesses into expanding, also, this increases the aggregate demand, which boosts growth as measured by gross domestic product. Expansionary monetary policy usually diminishes the value of the currency, thereby decreasing the exchange rate, the opposite of expansionary monetary policy is contractionary monetary policy, which slows the rate of growth in the money supply or even shrinks it. This slows economic growth to prevent inflation, monetary policy is associated with interest rates and availability of credit. Instruments of monetary policy have included short-term interest rates and bank reserves through the monetary base, for many centuries there were only two forms of monetary policy, Decisions about coinage, Decisions to print paper money to create credit. Interest rates, while now thought of as part of monetary authority, were not generally coordinated with the forms of monetary policy during this time. Monetary policy was seen as a decision, and was generally in the hands of the authority with seigniorage. With the advent of larger trading networks came the ability to set the price between gold and silver, and the price of the currency to foreign currencies. This official price could be enforced by law, even if it varied from the market price, paper money called jiaozi originated from promissory notes in 7th century China. Jiaozi did not replace metallic currency, and were used alongside the copper coins, the successive Yuan Dynasty was the first government to use paper currency as the predominant circulating medium. In the later course of the dynasty, facing shortages of specie to fund war and their rule in China, they began printing paper money without restrictions. The goal of policy was to maintain the value of the coinage, print notes which would trade at par to specie. To accomplish this end, central banks as part of the standard began setting the interest rates that they charged. The maintenance of a standard required almost monthly adjustments of interest rates. The gold standard might be regarded as a case of fixed exchange rate policy

10.
Arne Jacobsen
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Arne Emil Jacobsen, Hon. FAIA was a Danish architect and designer. He is remembered for his contribution to architectural Functionalism as well as for the success he enjoyed with simple. Arne Jacobsen was born on 11 February 1902 in Copenhagen and his father Johan was a wholesale trader in safety pins and snap fasteners. His mother Pouline was a bank teller whose hobby was painting floral motifs and he first hoped to become a painter but was dissuaded by his father who encouraged him to opt instead for the more secure domain of architecture. Still a student, in 1925 Jacobsen participated in the Paris Art Deco fair, Exposition Internationale des Arts Décoratifs et Industriels Modernes, on that trip, he was struck by the pioneering aesthetic of Le Corbusiers LEsprit Nouveau pavilion. Before leaving the Academy, Jacobsen also travelled to Germany, where he acquainted with the rationalist architecture of Mies van der Rohe. Their work influenced his early designs including his graduation project, an art gallery, after completing architecture school, he first worked at city architect Poul Holsøes architectural practice. It was a spiral-shaped, flat-roofed house in glass and concrete, incorporating a private garage, a boathouse, other striking features were windows that rolled down like car windows, a conveyor tube for the mail and a kitchen stocked with ready-made meals. A Dodge Cabriolet Coupé was parked in the garage, there was a Chris Craft in the boathouse, Jacobsen immediately became recognised as an ultra-modern architect. The year after winning the House of the Future award, Arne Jacobsen set up his own office and he designed the functionalist Rothenborg House, which he planned in every detail, a characteristic of many of his later works. Soon afterwards, he won a competition from Gentofte Municipality for the design of a resort complex in Klampenborg on the Øresund coast just north of Copenhagen. The various components of the resort became his major breakthrough in Denmark. In 1932, the first item, the Bellevue Sea Bath, was completed, Jacobsen designed everything from the characteristic blue-striped lifeguard towers, kiosks and changing cabins to the tickets, season cards and even the uniforms of the employees. The focal point of the area was supposed to have been a tower, more than a hundred metres high with a revolving restaurant at the top. Still, it is reflected in the arrangement of buildings in the area which all follow lines that extend from their missing centre. In 1934, came the Bellavista residential development, built in concrete, steel and glass, with surfaces and open floor planning. Completing the white trilogy in 1937, the Bellevue Theatre featured a retractable roof allowing open-air performances and these early works clearly show the influence of the White Cubist architecture Jacobsen had encountered in Germany, particularly at the Weissenhof Estate in Stuttgart. The cluster of buildings at Bellevue also includes the Skovshoved Filling Station

11.
Ministry of Finance of Denmark
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The Ministry of Finance of Denmark (Danish Finansministeriet]] is a ministry in the Government of Denmark. Among other things, it is in charge of the government budget, paying government employees, the current Finance Minister of Denmark is Kristian Jensen. The Ministry of Finance was established on November 24,1848, in 1968, the Ministry of Finance was split into the Ministry of Finance and the Ministry of State payroll and pension services. The latter was repealed on October 11,1971, and the area was transferred to the newly created Budget Ministry, Agency for the Modernisation of Public Administration The Agency for Digitisation The Agency for Governmental Management Agency for Governmental IT Services Official website in English

12.
Banknote
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A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle

13.
Outsourcing
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In business, outsourcing involves the contracting out of a business process and operational, and/or non-core functions to another party. The concept outsourcing came from the American Glossary outside resourcing and it dates back to at least 1981, Outsourcing sometimes involves transferring employees and assets from one firm to another, but not always. Outsourcing is also the practice of handing control of public services to private enterprise. Outsourcing includes both foreign and domestic contracting, and sometimes includes offshoring or nearshoring, many people confuse outsourcing and offshoring – however they are different. A company can outsource and not offshore to a distant country, for example, in 2003 Procter and Gamble outsourced their facilities management support, but it did not involve offshoring. Financial savings from lower international labor rates can provide a major motivation for outsourcing or offshoring, there can be tremendous savings from lower international labor rates when offshoring. The opposite of outsourcing, insourcing, entails bringing processes handled by third-party firms in-house, however, a business can provide a contract service to another organization without necessarily insourcing that business process. Two organizations may enter into an agreement involving an exchange of services, expertise. Outsourcing is said to help firms to perform well in their core competencies, fuel innovation, in the early 21st century, businesses increasingly outsourced to suppliers outside their own country, sometimes referred to as offshoring or offshore outsourcing. and Vested outsourcing. Outsourcing can offer greater flexibility and control. Outsourcing allows organizations to pay for the services and business functions they need and it also reduces the need to hire and train specialized staff, brings in fresh engineering expertise, and can reduce capital and operating expenses and risk. Do what you do best and outsource the rest has become an internationally recognized business tagline first coined and developed in the 1990s by the management consultant Peter Drucker. The slogan was used to advocate outsourcing as a viable business strategy. It has been said that Mr. Drucker began explaining the concept of Outsourcing as early as 1989 in his Wall Street Journal article entitled Sell the Mailroom, from Druckers perspective, a company should only seek to subcontract in those areas in which it demonstrated no special ability. In 2009 by way of recognition, Peter Drucker posthumously received a significant honor, recently, innovative business models have been developed to help reduce the cost for outsourcing. In particular, these models may leverage on group bargaining power by aggregating similar outsourcing demands from various organizations when negotiating with external contractors. The incentive to outsource may be greater for U. S. companies due to unusually high taxes and mandated benefits, like social security, Medicare. At the same time, it appears U. S. companies do not outsource to reduce executive or managerial costs, for instance, executive pay in the United States in 2007 was more than 400 times more than average workers—a gap 20 times bigger than it was in 1965

14.
Frederick VI of Denmark
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Frederick VI was King of Denmark from 13 March 1808 to 3 December 1839 and King of Norway from 13 March 1808 to 7 February 1814. From 1784 until his accession, he served as regent during his fathers illness and was referred to as the Crown Prince Regent. For his motto he chose God and the just cause and since the time of his reign, Frederick was born at Christiansborg Palace in Copenhagen. Frederick belonged to the House of Oldenburg and his parents were King Christian VII and Caroline Matilda of Great Britain. He was born after 15 months of marriage, just a day before his fathers 19th birthday, as the eldest son of the ruling king, he automatically became crown prince at birth. On 30 January of the year, he was baptised at Christiansborg Palace by Ludvig Harboe. His godparents were King Christian VII, the dowager queen Juliana Maria and his half-uncle, from 1770 to 1772, Struensee was de facto regent and lover of Caroline Matilda, Fredericks mother. Both were ideologically influenced by Enlightenment thinkers such as Voltaire and Jean Jacques Rousseau, while Struensee was in power, young Frederick was raised at Hirschholm Palace following the educational approach advocated by Rousseau in his famous work Émile. Instead of receiving direct instruction, Frederick was expected to learn everything through his own efforts through playing with two boys as per Struensees instructions. On 8 January 1772, after the revolt against Struensee, Fredericks 18-year-old half-uncle Hereditary Prince Frederick was made regent, the real power, however, was held by Hereditary Prince Fredericks mother, Queen Dowager Juliana Maria, aided by Ove Høegh-Guldberg. It is said that during the coup, he engaged in a fistfight with his half-uncle over the regency and he continued as regent of Denmark under his fathers name until the latters death in 1808. During the regency, Frederick instituted widespread liberal reforms with the assistance of Chief Minister Andreas Peter Bernstorff, crises encountered during his reign include disagreement with the British over neutral shipping. This resulted in two British attacks on Copenhagen, the Battle of Copenhagen of 1801 and the Battle of Copenhagen of 1807, the conflict continued in the Gunboat War between Denmark-Norway and the United Kingdom, which lasted until the Treaty of Kiel in 1814. There was speculation that he was to marry a Prussian princess and they married in Gottorp on 31 July 1790 and had eight children. Their eldest daughter, Princess Caroline married her father’s first cousin, Ferdinand, the youngest, Princess Wilhelmine, became the wife of the future Frederick VII of Denmark. None of Frederick VIs sons survived infancy and when he died, he was succeeded by his cousin Christian VIII of Denmark, Frederick became King of Denmark on 13 March 1808. When the throne of Sweden seemed likely to become vacant in 1809, however, Fredericks brother-in-law, Prince Christian Augustus of Augustenborg, was first elected to the throne of Sweden, followed by the French Marshal Bernadotte. During the Napoleonic Wars, he tried to maintain Danish neutrality, however after the British bombardment of Copenhagen, after the French defeat in Russia in 1812, the Allies again asked him to change sides but he refused

15.
Hans Peter Hansen
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Hans Peter Hansen was a Danish xylographer who specialized in portraits. He first learned the profession of watchmaking before studying woodcutting under Hans Christian Henneberg, Johann Adolf Kittendorff, at the same time, he also followed courses at the Academy of Arts of Copenhagen. In 1854, he travelled to Germany, first to Dresden and then to Leipzig, in 1859, he married Clara Aurelia Sophie Langer, the daughter of the engraver Georg Gottfried Langer and sister of engraver Karl Hermann Theodor Langer. In 1864, he returned to Copenhagen, where he worked for several illustrated magazines and newspapers and he also illustrated books, amongst them Nyere Dansk Malerkunst and the children books printed by Richardts and Rodes. Nyrop, Camillus, Hansen, Hans Peter, entry in C. F. Bricka, Dansk biografisk lexikon, tillige omfattende Norge for Tidsrummet 1537–1814, Gyldendal, Copenhagen 1887–1905, vol. The original version of this article was translated from this entry by Camillus Nyrop in this Danish public domain encyclopedia, kunst Indeks Danmark, Hans Peter Hansen

16.
Wilhelm Sponneck
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Wilhelm Carl Eppingen Sponneck was a Danish nobleman and Minister of Finance. He was influential in Danish customs affairs for several years, wilhelm Carl Eppingen Sponneck was born in Ringkøbing in 1815. He graduated from Sorø Academy in 1832, and entered into a study of the law and he received a law degree in 1836. He was employed in the Danish customs service and rose to a position in the 1840s after publishing a 600-page work about customs services. King Frederick VII of Denmark appointed him to the Constitutional Assembly in 1848, also in 1848 he was appointed Finance Minister, an office which he occupied in a total of five cabinets. In 1850-51, he tried to introduce the tax, but was unsuccessful when Parliament rejected the proposal. Sponnecks proposal to introduce postage stamps was more successful, the first Danish stamps were issued in 1851 and he was unable to secure a lasting agreement, and he abandoned his pro-Danish sympathies and returned to defending the pre-war Unitary State. In 1853 the Danish Parliament rejected his proposal to remove the customs border between Denmark/Schleswig and Holstein by applying the same rates everywhere. Sponneck reacted by enacting the law anyway, citing King Fredericks absolutist powers in the two duchies, consequently issuing the law in the name of the king. He later tried to enforce the use of Danish coinage in Southern Schleswig and Holstein and his popularity dropped even lower when he in 1854 proposed a return to absolutist royal rule in matters relating to Danish-Holsteinish affairs. Sponneck left politics in 1854, and was appointed leader of the customs service, in 1863, he accompanied 17-year-old Prince Vilhelm of Denmark to Greece where Vilhelm had just been elected king. Sponneck remained in Greece for a few years, serving as advisor to the youthful king, following his return to Denmark, he became involved in private enterprise. In 1866 he became chairman of the commission for the Zealandic railways. In 1868 he became the director of the National Bank and joined the board of the Great Northern Telegraph Company, Sponneck later resigned these positions and became the leader of the newly founded Kjøbenhavns Handelsbank and chairman for the insurance company, Danmark. Biography from Dansk Biografisk Leksikon www. gentofte. dk - List of famous people buried on Gentofte Cemetery Sponneck, Godfrey Harry Rigsgreve, a family history, o. O.2002

17.
Coat of arms of Denmark
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The national coat of arms of Denmark consists of three pale blue lions passant wearing crowns, accompanied by nine red lilypads, all in a golden shield. It is historically the coat of arms of the House of Estridsen, the current design was introduced in 1819, under Frederick VI. Previously, there had no distinction between the national and the royal coat of arms. Since 1819, there has been a more complex royal coat of arms of Denmark separate from the coat of arms. The oldest known depiction of the dates from a seal used by King Canute VI c. The oldest documentation for the dates from c. Historically, the lions faced the viewer and the number of hearts was not regulated, the heart shapes originally represented waterlily pads, a royal decree of 1972 still specifies these figures as søblade. The current design was adopted in 1819 during the reign of King Frederick VI who fixed the number of hearts to nine and decreed that the beasts were lions. A rare version exists from the reign of king Eric of Pomerania in which the three lions jointly hold the Danish banner, in a fashion as in the coat of arms of the former South Jutland County. 1960, Denmark used both a small and a coat of arms, similar to the system still used in Sweden. The latter symbol held wide use within the government administration, e. g. by the Foreign Ministry. Since this time, the symbol has been classified as the coat of arms of the royal family, leaving Denmark with only one national coat of arms. The crown on the shield is a construction based on the crown of King Christian V. The main difference from the crown is that the latter is covered with table cut diamonds rather than pearls. Both crowns, and other insignia, are located in Rosenborg Castle in Copenhagen. The blazon in heraldic terms is, Or, three lions passant in pale Azure crowned and armed Or langued Gules, nine hearts Gules. The main differences are as follows, In the Danish coat of arms the lions are crowned, face forward, in the Estonian coat of arms, the leopards face the viewer, they are not crowned, and no hearts are present. The coat of arms of Tallinn resembles the Estonian arms, and it shows great similarities with the contemporary insignia of Englands Richard the Lionheart and the current arms of the German state of Baden-Württemberg

18.
Schleswig
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The region is also called Sleswick in English. Roman sources place the homeland of the Jute tribe north of the river Eider and that of the Angles to its south, who in turn abutted the neighbouring Saxons. During the early Viking Age, Haithabu - Scandinavias biggest trading centre - was located in this region and its construction, and in particular its great expansion around 737, has been interpreted as an indication of the emergence of a unified Danish state. In May 1931 scientists of the National Museum of Denmark announced the finding of eighteen Viking graves with the remains of eighteen men in them, the discovery came during excavations in Schleswig. The skeletons indicated that the men were bigger proportioned than twentieth-century Danish men, each of the graves was laid out from east to west. Researchers surmised that the bodies were entombed in wooden coffins originally, towards the end of the Early Middle Ages, Schleswig formed part of the historical Lands of Denmark as Denmark unified out of a number of petty chiefdoms in the 8th to 10th centuries. The southern boundary of Denmark in the region of the Eider River, the Treaty of Heiligen was signed in 811 between the Danish King Hemming and Charlemagne, by which the border was established at the Eider. During the 10th century there were wars between East Francia and Denmark. In 1027, Conrad II and Canute the Great again settled their mutual border at the Eider. In 1115, king Niels created his nephew Canute Lavard - a son of his predecessor Eric I - Earl of Schleswig, in the 1230s, Southern Jutland was allotted as an appanage to Abel Valdemarsen, Canutes great-grandson, a younger son of Valdemar II of Denmark. Feuds and marital alliances brought the Abel dynasty into a connection with the German Duchy of Holstein by the 15th century. The latter was a subordinate to the Holy Roman Empire. The title Duke of Schleswig was inherited in 1460 by the kings of Norway who were also regularly elected kings of Denmark simultaneously. This was an anomaly – a king holding a ducal title, the title and anomaly survived presumably because it was already co-regally held by the kings sons. Between 1544 and 1713/20 the ducal reign had become a condominium, with the royal House of Oldenburg, a third branch in the condominium, the short-lived House of Haderslev, was already extinct in 1580 by the time of John the Elder. On the west coast the Danish diocese of Ribe stopped about 5 km north of the present border and this line corresponds remarkably well with the present border. In the 17th century a series of wars between Denmark and Sweden—which Denmark lost—devastated the region economically, however the nobility responded with a new agricultural system that restored prosperity. In the period 1600 to 1800 the region experienced the growth of manorialism of the common in the rye-growing regions of eastern Germany

19.
Holstein
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Holstein is the region between the rivers Elbe and Eider. It is the half of Schleswig-Holstein, the northernmost state of Germany. Holstein once existed as the County of Holstein, the later Duchy of Holstein, the history of Holstein is closely intertwined with the history of the Danish Duchy of Schleswig. The capital of Holstein is Kiel, Holsteins name comes from the Holcetae, a Saxon tribe mentioned by Adam of Bremen as living on the north bank of the Elbe, to the west of Hamburg. The name means dwellers in the wood, after the Migration Period of the Early Middle Ages, Holstein was adjacent to The Obotrites on the coast of the Baltic Sea and the land of the Danes in Jutland. With the conquest of Old Saxony by Charlemagne circa 800, he granted land north of the Eider River to the Danes by the Treaty of Heiligen signed in 811. The ownership of Holstein was given to The Obotrites, namely the Wagrians, after 814, the Saxons were restored to Western Holstein. The new county of Holstein was established in 1111, it was first a fief of the Duchy of Saxony, then of the Duchy of Saxe-Lauenburg, with the establishment of the new territorial unit, expansion to the East began and the Wagrians were finally defeated in 1138. The County of Holstein was ruled by the House of Schaumburg, Holstein was occupied by Denmark after the Battle of Stellau, but was reconquered by the Count of Schauenburg and his allies in the Battle of Bornhöved. He thus became as Gerhard II duke of Schleswig, until 1390 the Rendsburg branch united by inheritance all branches except of that of Holstein-Pinneberg. Through the Treaty of Ribe Christian was elected Count of Holstein-Rendsburg, in 1474 Lauenburgs liege lord Emperor Frederick III elevated Christian I as Count of Holstein-Rendsburg to Duke of Holstein, thus becoming an immediate imperial vassal. The Duchy of Holstein retained that status until the dissolution of the Empire in 1806, in 1490, the Duchy of Holstein was divided into Holstein-Segeberg and Holstein-Gottorp. Holstein-Segeberg remained with the Danish king and was known as Royal Holstein. Holstein-Gottorp, also known as Ducal Holstein, was given to a branch of the House of Oldenburg. Between 1533 and 1544 King Christian III of Denmark ruled the entire Duchies of Holstein and of Schleswig also in the name of his still minor half-brothers John the Elder. The elder three brothers determined their youngest brother Frederick for a career as Lutheran administrator of a state within the Holy Roman Empire. The secular rule in the fiscally divided duchies thus became a condominium of the parties, as dukes of Holstein and Schleswig the rulers of both houses bore the formal title of Duke of Schleswig, Holstein, Ditmarsh and Stormarn. Between 1648 and 1773 the royal share used to be called Holstein-Glückstadt after its capital Glückstadt, parts of the former County of Holstein-Pinneberg were transformed 1649/50 into the Imperial County of Rantzau, which fell back to the Danish Crown in 1726

20.
Second War of Schleswig
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The Second Schleswig War was the second military conflict as a result of the Schleswig-Holstein Question. It began on 1 February 1864, when Prussian forces crossed the border into Schleswig, decisive controversy arose due to the passing of the November Constitution, which integrated the Duchy of Schleswig into the Danish kingdom in violation of the London Protocol. Reasons for the war were the controversy in Schleswig and the co-existence of conflicting political systems within the Danish unitary state. The war ended on 30 October 1864, when the Treaty of Vienna caused Denmarks cession of the Duchies of Schleswig, Holstein, the northern and middle parts of Schleswig spoke Danish, but over time, the language in the southern half had shifted gradually to German. German culture was dominant among the clergy and nobility, Danish culture had a social status and was spoken mainly by the rural population. For centuries, while the rule of the king was absolute, however, when ideas of liberal democracy spread and nationalist currents emerged about 1820, identification was mixed between Danish and German. To that was added a grievance about tolls charged by Denmark on shipping passing through the Danish Straits between the Baltic Sea and the North Sea, to avoid that expense, Prussia planned the Kiel Canal, which could not be built so long as Denmark ruled Holstein. Much of the focused on the heir of King Frederick VII of Denmark. Prince Christian had served on the Danish side in the First Schleswig War in 1848-1851, at the time, the king of Denmark was also duke of the duchies of Holstein and Schleswig. In 1848, Denmark had received its first free constitution and at the time had fought a civil war with the Germans of Schleswig-Holstein in which Prussia had intervened. The peace treaty stipulated that the duchy of Schleswig should not be treated any differently from the duchy of Holstein in its relations with the Kingdom of Denmark and that was a clear breach of the 1851 peace treaty and gave Prussia and the German union a casus belli against Denmark. France had colonial problems, not least with Britain, Bismarck had effectively neutralized Russia politically and succeeded in obtaining cooperation from Austria which underlined its major power status within the German union. The adoption of the Constitution of Denmark in 1849 complicated matters further, as many Danes wished for the new constitution to apply to all Danes. Thus two systems of government co-existed within the state, democracy in Denmark, and absolutism in Schleswig. This caused a deadlock for practical lawmaking, in Copenhagen, the Palace and most of the administration supported a strict adherence to the status quo. In 1858, the German Confederation deposed the union constitution of the Danish monarchy concerning Holstein and Lauenburg, the two duchies were henceforth without any constitution, while the union constitution still applied to Schleswig and Denmark proper. As the heirless King Frederick VII grew older, Denmarks successive National-Liberal cabinets became increasingly focused on maintaining control of Schleswig following the kings demise. The king died in 1863 at a critical time, work on the November Constitution for the joint affairs of Denmark and Schleswig had just been completed

21.
Heart (symbol)
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The heart shape is an ideograph used to express the idea of the heart in its metaphorical or symbolic sense as the center of emotion, including affection and love, especially romantic love. The wounded heart indicating love sickness came to be depicted as a heart pierced with an arrow. The combination of the shape and its use within the heart metaphor developed at the end of the Middle Ages. Before the 14th century, the shape was not associated with the meaning of the heart metaphor. The first known depiction of a heart as a symbol of romantic love dates to the 1250s and it occurs in a miniature decorating a capital S in a manuscript of the French Roman de la poire. In the miniature a kneeling lover offers his heart to a damsel, the heart here resembles a pine cone, in accord with medieval anatomical descriptions. However, in miniature what suggests a heart shape is only the result of a lovers finger superimposed on an object, the full shape outline of the object is partly hidden. Moreover, the French title of the manuscript that features the miniature translates into Novel Of The Pear in English, thus the heart shaped object would be a pear, the conclusion that a pear represents a heart is dubious. Opinions therefore differ over this being the first depiction of a heart as symbol of romantic love, the convention of showing the heart point upward switches in the late 14th century and becomes rare in the first half of the 15th century. A slightly later example with a pronounced dent is found in a manuscript from the Cistercian monastery in Brussels. The convention of showing a dent at the base of the heart thus spread at about the time as the convention of showing the heart with its point downward. The modern indented red heart has been used on playing cards since the late 15th century, various hypotheses attempted to connect the heart shape as it evolved in the late medieval period with instances of the geometric shape in antiquity. Such theories are modern, proposed from the 1960s onward, and they remain speculative, hearts can be seen on the bible Jesus holds in the Empress Zoe mosaic in the Hagia Sophia in Istanbul. Hearts can also be seen on various stucco reliefs and wall panels excavated from the ruins of Ctesiphon, the Persian capital. The Luther rose was the seal that was designed for Martin Luther at the behest of Prince John Frederick, in 1530, while Luther was staying at the Coburg Fortress during the Diet of Augsburg. Luther wrote an explanation of the symbol to Lazarus Spengler, a cross in a heart. For one who believes from the heart will be justified, since the 19th century, the symbol has often been used on St. Valentines Day cards, candy boxes, and similar popular culture artifacts as a symbol of romantic love. The use of the symbol as a logograph for the English verb to love derives from the use in I ♥ NY

22.
Mint mark
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A mint mark is a letter, symbol or an inscription on a coin indicating the mint where the coin was produced. Mint marks were first developed to locate a problem, if a coin was underweight, or overweight, the mint mark would immediately tell where the coin was minted, and the problem could be located and fixed. Another problem which could occur would be a dishonest mint official debasing the coin, the first mint marks, called Magistrate Marks were developed by the Greeks, and named the Magistrate in charge of producing that coin. Debasing a coin, or otherwise tampering with it, was a serious crime. For example, in 1649, the directors of the Spanish colonial American Mint at Potosi, the initials of the assayer as well as the mint mark were immediate identifiers when the coins were inspected. In some cases the symbols found in the field of ancient Greek coins indicated mints, dAs Alexander the Great conquered territories their mints struck coins with the types he used in Macedon but marked with a local symbol. These mint marks were placed at the bottom of the reverse of the coin, the first part indicates that this was a coin with either SM for Sacra Moneta, M for Moneta, or P for Pecurnia. The second part was an abbreviation of the name of the mint such as ROM for Rome or LON for London, the final part indicated the workshop within the mint. Mint marks continued on copper coinage until the half of the seventh century. Mint names began to appear on French coins under Pepin and became mandatory under Charlemagne, in 1389, Charles IV adopted a system called Secret Points. This scheme placed a dot under the first letter of the legend on coins of Crémieu, under the letter for Romans. In the fifteenth century letters or symbols placed at the end of the legend indicating the mint were used in addition to Secret Points. In 1540, Francis I discontinued Secret Points in favor of a system of letters, A for Paris, B for Rouen, …, Z for Lyon, in the field. He also made it the rule for mint-masters to place their personal marks on coins and this was one of the few royal practices continued by the Republic of France. The mint letters continued until 1898 and the marks, supplemented by the mark of the Chief Engraver, are still used. Some Medieval English coins used mint names, when William III retired hammered coinage, branch mints which helped strike machine made coins to replace it put their initials below his bust. The Royal Mint established branches to coin sovereigns near the sources of gold and these issues show the initials of Sydney, Melbourne, Victoria, and Perth Australia as well as Canada, South Africa, and India. The privately owned Soho Mint obtained a contract to strike royal copper coins with steam presses and put its name on these coins and on coins it minted for other countries

23.
Crown of Christian V
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The crown of King Christian V of Denmark was the crown used at the coronation of all of Denmarks absolutist kings. While the reign of such monarchs ended in 1840, the crown is used during a Danish kings castrum doloris. Used by the kings from Christian V to Christian VIII, made by Paul Kurtz in Copenhagen, 1670–1671. Gold with enamel and table-cut stones, also 2 garnets and 2 sapphires, of which the largest dates back to Frederick I of Denmark. Frederik III had large parts of his daughters trousseau bought in Paris, but the jewellery was commissioned to Kurtz. He was, therefore, considered an outstanding jeweller, in 1670–1671 he made his principal piece of work, Crown of Christian V. In that way a white play of light was created, which was framed by blue and red in the sapphires and garnets of the crown ring, the crown forms part of the National Coat of arms of Denmark and the Royal Coat of arms. Since 1671, the crown has been the de facto symbol of the state power and it is included in stylized and varied forms in most state institutions, including ministries

24.
Economy of Denmark
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Denmark is the 39th largest national economy in the world measured by nominal gross domestic product and 60th largest in the world measured by purchasing power parity. Denmark has an economy based on services and manufacturing. It relies heavily on human resources, but not exclusively, as there are a few significant and valuable natural resources available, including mature oil, cooperatives form a large part of some sectors, be it in housing, agriculture or retail. Foundations play a role as owners of private sector companies. Denmark has one of the worlds lowest levels of income inequality, as of January 2015 the unemployment rate is at 6. 2%, which is below the Euro Area average of 11. 2%. As of 28 February 2014 Denmark is among the countries with the highest credit ratings, Denmarks main exports are, industrial production/manufactured goods 73. 3%, agricultural products and others for consumption 18. 7%. Denmark is a net exporter of food and energy and has since the 1990s had a balance of payments surplus, the total value of service and merchandise exports in 2013 amounted to 54% of GDP, and imports in 2013 amounted to 49% of GDP. Notable among the exports are container shipping. Taking assets into account as well net debt of the government was 11 percent. The public sector as a whole had net assets of 108 billion kroner in 2008, within the European Union, Denmark advocates a liberal trade policy. The employers right to hire and fire their employees whenever they find it necessary is recognised, there is no legally-stipulated minimum wage set by the government, the minimum of wages is determined by negotiations between the organisations of employers and employees. Denmark is a net exporter of food, the coalition also committed itself to maintaining a stable currency. - has risen from 25. 5% of GDP during the government to 26% today and is projected to be at 26. 5% in 2015 if current policies continue. Denmark chose not to join the 11 other European Union members who launched the euro on 1 January 1999, as a consequence, the trade balance showed a surplus in 1987, and the balance-of-payments in 1990. They have remained in surplus since, except for the balance of payments in 1998, Denmark has a broad-reaching welfare system, which ensures that all Danes receive tax-funded health care. Expenses to medicine is only partially funded and some non-vital medical treatments are not funded at all, Denmark has an unemployment insurance system called the A-kasse. This system requires a membership of a state recognized unemployment fund. Most of these funds are managed by trade unions, and a percentage of their expenses are financed through the state tax-system

25.
Economy of the Faroe Islands
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The economy of the Faroe Islands was the 166th largest in the world in 2014, having a nominal gross domestic product of $2.613 billion per annum. High dependence on fishing means the economy remains extremely vulnerable, the Faroese hope to broaden their economic base by building new fish-processing plants. Petroleum found close to the Faroese area gives hope for deposits in the immediate area, also important are the annual subsidy from Denmark, which amounts to about 3% of the GDP. This leaves a largely middle-aged and elderly population that may lack the skills, since 2000, new information technology and business projects have been fostered in the Faroe Islands to attract new investment. The result from these projects is not yet known but is hoped to bring a market economy to the Faroe Islands. In 2014 the Faroe Islands had a surplus of 401 million DKK. The Faroe Islands mainly imported from Denmark, Norway, and Germany, the countrys top export destinations were Russia, the United Kingdom, the United States, and Germany. European Union countries contributed 62. 7% of Faroese imports, while the exports of the Faroes Islands were almost equally distributed between European Union and non-European Union coutries, the vast majority of Faroese exports, almost 95%, consists of fishery products. Russian countersanctions on food imports from Norway and the European Union, in 2014217,547 tonnes of oil products were consumed in the Faroe Islands. The islands have 6 hydroelectric plants,4 diesel plants and several power plants with a capacity factor above 40%. In 2014, a 12MW wind farm for DKK180 million became operational near Torshavn and it decreases oil consumption by 8,000 ton per year. A2. 3MW700 kWh lithium-ion battery became operational in 2016, planners also consider converting the existing hydropower to pumped-storage hydroelectricity. Tidal power and Thermal energy storage solutions are also considered, the islands have a goal of 100% green electricity production by 2030. Fossil fuel,49. 2% hydro,39. 5% wind,11. 3%% nuclear, some islands are also not connected to the other islands, and must maintain their own electric system

26.
Economy of Greenland
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The economy of Greenland can be characterized as small, mixed and vulnerable. Unemployment nonetheless remains high, with the rest of the economy dependent upon demand for exports of shrimp, except for an abortive royal colony established under Major Claus Paarss between 1728 and 1730, colonial Greenland was administered by companies under royal charter until 1908. Early hopes of mineral or agricultural wealth were dashed, and open trade proved a failure owing to other better quality, lower priced goods. Kale, lettuce, and other herbs were successfully introduced, but repeated attempts to cultivate wheat or clover failed throughout Greenland, during the years before World War I, the KGHs independence was curtailed and the company folded into the Ministry of the Interior. Climate change apparent since the 1920s disrupted traditional Kalaallit life by producing milder weather that reduced the seal populations. After World War II, reforms were enacted by the Danish Greenland Commission composed of Greenland Provincial Council members. The report outlined a program to end the KGH model and establish a welfare state on the Danish model. The KGH monopolies were ended in 1950, Greenland was made a part of the Danish Kingdom in 1953. The program was intended to reduce costs, improve access to education and health care, and provide workers for modernized cod fisheries, Greenland left the European Economic Community in February 1985, principally due to EEC policies on fishing and sealskin. Most EU laws do not apply to Greenland, however, owing to its connection with Denmark, in the same year, Greenland exercised its new control over the Royal Greenland Trading Company to reestablish it as KNI. Over the next few decades, divisions of the conglomerate were slowly spun off, the Greenland economy is extremely dependent on exports of fish and on support from the Danish Government, which supplies about half of government revenues. The public sector, including publicly owned enterprises and the municipalities, the largest employers in Greenland are the various levels of administration, including the central government in Denmark, the Greenland Home Rule Government, and the municipalities. Most of these positions are in the capital Nuuk, the second-largest sector by employment is Greenlands fishing industry. The commercial fishing fleet consists of approximately 5,000 dinghies,300 cutters, while cod was formerly the main catch, today the industry centers on cold-water shrimp and Greenland halibut. The fish processing industry is almost entirely centered on Royal Greenland, whaling and seal hunting were once traditional mainstays of Greenlands economy. Greenlanders still kill an estimated 170,000 seals a year and 175 whales a year, ranking them second, both whaling and sealing have become controversial, limiting the potential market for their products. Reindeer or caribou are found in the northwest of the island, while muskoxen are found in the northeast, because the muskoxens natural range favors the protected Northeast Greenland National Park, it is a less common object of hunting than in the past. Polar bear and reindeer hunting in Greenland still occur but are regulated to avoid endangering the populations, the third major chain is the Brugsen association of cooperatives

27.
Economy of Europe
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The economy of Europe comprises more than 731 million people in 48 different countries. Like other continents, the wealth of Europes states varies, although the poorest are well above the poorest states of other continents in terms of GDP and living standards. The end of World War II brought European countries closer together, culminating in the formation of the European Union and in 1999, the difference in wealth across Europe can be seen roughly in former Cold War divide, with some countries breaching the divide. Europe in 2010 had a nominal GDP of $19.920 trillion and these 6 countries all rank in the worlds top 15, therefore European economies account for half of the 10 wealthiest ones. The EU as a whole is the wealthiest and largest economy in the world, in 2009 Europe remained the worlds wealthiest region. Its $33 trillion in assets under management represented more than one-third of the worlds wealth, unlike North America it was one of few regions where wealth surpassed its precrisis year-end peak. Of the top 500 largest corporations measured by revenue,184 have their headquarters in Europe,161 are located in the EU,15 in Switzerland,6 in Russia,1 in Turkey,1 in Norway. Prior to World War II, Europes major financial and industrial states were the United Kingdom, France, the Industrial Revolution, which began in Britain, had spread rapidly across Europe, and before long the entire continent was at a high level of industry. However, World War II caused the destruction of most of Europes industrial centres, following World War II, European Government was in tatters. Many non-Socialist European governments moved to link their economies, laying the foundation for what would become the European Union and this meant a huge increase in shared infrastructure and cross-border trade. Whilst these European states rapidly improved their economies, by the 1980s, the GDP and the living standards of Central and Eastern European states were lower than in other parts of Europe. Even free-market Greece, situated in South-Eastern Europe, struggled due to isolation from non-socialist part of Europe. The European Community grew from 6 original members following World War II, many developed European countries were quick to develop economic ties with fellow European states, where democracy was reintroduced. Europes largest economy, Germany, struggled upon unification in 1991 with former communist German Democratic Republic, or East Germany, influenced by the Soviet Union. Peace did not come to Yugoslavia for a decade, and by 2003, there were still many NATO and EU peacekeeping troops present in Bosnia and Herzegovina, Macedonia, War severely hampered economic growth, with only Slovenia making any real progress in the 1990s. European economy was affected by September 11 Attacks in United States in 2001, Germany, Switzerland, France, but, in 2002/2003, the Economy began to recover from attacks in US. The economy of Europe was by this time dominated by the EU, three states chose to remain outside the Eurozone and continue with their own currencies, namely Denmark, Sweden and the United Kingdom. In early 2004,10 mostly former communist states joined the EU in its biggest ever expansion, enlarging the union to 25 members, the acceding countries are bound to join the Eurozone and adopt the common currency Euro in the future

28.
Financial Supervisory Authority (Denmark)
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The Danish Financial Supervisory Authority is the financial regulatory authority of the Danish government responsible for the regulation of financial markets in Denmark. Finanstilsynet is part of the Ministry of Economic and Business Affairs and also acts as secretariat for the Financial Business Council, the Danish Securities Council and the Money and Pension Panel. Finanstilsynet was established on the 1 Jan 1988 with the merger of the Supervisory Authority for Banks and Savings Banks, in January 1990, the Supervisory Authority for Mortgage Credit Institutions was transferred to Finanstilsyne from the Danish Housing Agency. In November 2001 the Ministry of Economic Affairs merged with the Ministry of Business, since then the Minister of Economic and Business Affairs has been responsible for Finanstilsynet. It is responsible for regulation, supervision and collecting statistics of financial participants, Finanstilsynet is run by an executive management team that report to the minister of Economic and business affairs. The executive is made up of a Director general and three deputy director generals, each deputy is assigned a subsection of the responsibilities of the agency. Finanstilsynet is a member of the Committee of European Securities Regulators, economy of Denmark Securities Commission Danmarks Nationalbank Category, Banks of Denmark Official web site

29.
Bank for International Settlements
–
The BIS carries out its work through its meetings programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and it is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. The BIS was established in 1930 by an agreement between Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States. It opened its doors in Basel, Switzerland on 17 May 1930, the need to establish a dedicated institution for this purpose was suggested in 1929 by the Young Committee, and was agreed to in August of that year at a conference at The Hague. A charter for the bank was drafted at the International Bankers Conference at Baden-Baden in November, according to the charter, shares in the bank could be held by individuals and non-governmental entities. The BIS was constituted as having corporate existence in Switzerland on the basis of an agreement with Switzerland acting as headquarters state for the bank and it also enjoyed certain immunities in the contracting states. The BIS’s original task of facilitating World War I reparation payments quickly became obsolete, reparation payments were first suspended and then abolished altogether. Instead, the BIS focused on its second statutory task, i. e. fostering the cooperation between its member central banks and it acted as a meeting forum for central banks and provided banking facilities to them. For instance, in the late 1930s, the BIS was instrumental in helping continental European central banks shipping out part of their reserves to London. At the same time, the BIS fell under the spell of the appeasement illusion, however, as the war dragged on evidence mounted that the BIS conducted operations that were helpful to the Germans. Also, throughout the war, the BIS accepted gold from the German Reichsbank in payment for prewar obligations linked to the Young Plan and this in spite of repeated Allied warnings not to accept gold or other assets from Nazi Germany. It later transpired that much of gold had been looted by the Germans from the central banks in occupied territories. Some of this remelted gold included gold rings and other items from labor, operations conducted by the BIS were viewed with increasing suspicion from London and Washington. H. The 1944 Bretton Woods Conference recommended the liquidation of the Bank for International Settlements at the earliest possible moment and this resulted in the BIS being the subject of a disagreement between the U. S. and British delegations. The liquidation of the bank was supported by other European delegates, as well as the United States, but opposed by John Maynard Keynes, head of the British delegation. Fearing that the BIS would be dissolved, Keynes went to Morgenthau hoping to prevent the dissolution, or have it postponed, however, the liquidation of the bank was never actually undertaken. In April 1945, the new U. S. president Harry S. Truman and the British government suspended the dissolution, after the Second World War, the BIS retained an outspoken European focus. It acted as Agent for the European Payments Union, an intra-European clearing arrangement designed to help the European countries in restoring currency convertibility and free, multilateral trade

30.
Financial Stability Board
–
The Financial Stability Board is an international body that monitors and makes recommendations about the global financial system. It was established after the 2009 G20 London summit in April 2009 as a successor to the Financial Stability Forum, the Board includes all G20 major economies, FSF members, and the European Commission. It is based in Basel, Switzerland, the Financial Stability Board emerged from the Financial Stability Forum, a group of finance ministries, central bankers, and international financial bodies. The FSF facilitated discussion and co-operation on supervision and surveillance of financial institutions, transactions, FSF was managed by a small secretariat housed at the Bank for International Settlements in Basel, Switzerland. At the G20 summit on November 15,2008 it was agreed that the membership of the FSF will be expanded to include emerging economies, the 2009 G-20 London summit decided to establish a successor to the FSF, the Financial Stability Board. The FSB includes members of the G20 who were not members of FSF, the Financial Stability Forum met in Rome on 28–29 March 2008 in connection with the Bank for International Settlements. Members discussed current challenges in financial markets, and various options to address them from this point forward. At this meeting, the FSF discussed a report to be delivered to G7 Finance Ministers, the report identifies key weaknesses underlying current financial turmoil, and recommends actions to improve market and institutional resilience. The FSF discussed work underway at the International Monetary Fund and Organisation for Economic Co-operation, the IMF is working closely with SWFs to identify a set of voluntary best practice guidelines, and is focusing on the governance, institutional arrangements and transparency of SWFs. On April 12,2008 the FSF delivered a report to the G7 Finance Ministers which details its recommendations for enhancing the resilience of financial markets and financial institutions. He emphasized the value of specific reforms that had been implemented by the Financial Stability Board stating that these had dampened aftershocks from these events rather than amplifying them, the FSB represents the G-20 leaders first major international institutional innovation. Secretary of the US Treasury Tim Geithner has described it as in effect, the FSB has been assigned a number of important tasks, working alongside the IMF, World Bank, and WTO. Chairman of the board is the Canadian Mark Carney, Governor of the Bank of England, Financial Stability Board Watch Brookings Institution report The Governance of the Financial Stability Board

31.
Contractionary monetary policy
–
Further goals of a monetary policy are usually to contribute to economic growth and stability, to lower unemployment, and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy, since the 1970s, monetary policy has generally been formed separately from fiscal policy, which refers to taxation, government spending, and associated borrowing. Monetary policy is referred to as either being expansionary or contractionary, expansionary policy is when a monetary authority uses its tools to stimulate the economy. An expansionary policy increases the supply of money in the economy more rapidly than usual. It is traditionally used to try to combat unemployment in a recession by lowering interest rates in the hope that easy credit will entice businesses into expanding, also, this increases the aggregate demand, which boosts growth as measured by gross domestic product. Expansionary monetary policy usually diminishes the value of the currency, thereby decreasing the exchange rate, the opposite of expansionary monetary policy is contractionary monetary policy, which slows the rate of growth in the money supply or even shrinks it. This slows economic growth to prevent inflation, monetary policy is associated with interest rates and availability of credit. Instruments of monetary policy have included short-term interest rates and bank reserves through the monetary base, for many centuries there were only two forms of monetary policy, Decisions about coinage, Decisions to print paper money to create credit. Interest rates, while now thought of as part of monetary authority, were not generally coordinated with the forms of monetary policy during this time. Monetary policy was seen as a decision, and was generally in the hands of the authority with seigniorage. With the advent of larger trading networks came the ability to set the price between gold and silver, and the price of the currency to foreign currencies. This official price could be enforced by law, even if it varied from the market price, paper money called jiaozi originated from promissory notes in 7th century China. Jiaozi did not replace metallic currency, and were used alongside the copper coins, the successive Yuan Dynasty was the first government to use paper currency as the predominant circulating medium. In the later course of the dynasty, facing shortages of specie to fund war and their rule in China, they began printing paper money without restrictions. The goal of policy was to maintain the value of the coinage, print notes which would trade at par to specie. To accomplish this end, central banks as part of the standard began setting the interest rates that they charged. The maintenance of a standard required almost monthly adjustments of interest rates. The gold standard might be regarded as a case of fixed exchange rate policy

32.
Expansionary monetary policy
–
Further goals of a monetary policy are usually to contribute to economic growth and stability, to lower unemployment, and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy, since the 1970s, monetary policy has generally been formed separately from fiscal policy, which refers to taxation, government spending, and associated borrowing. Monetary policy is referred to as either being expansionary or contractionary, expansionary policy is when a monetary authority uses its tools to stimulate the economy. An expansionary policy increases the supply of money in the economy more rapidly than usual. It is traditionally used to try to combat unemployment in a recession by lowering interest rates in the hope that easy credit will entice businesses into expanding, also, this increases the aggregate demand, which boosts growth as measured by gross domestic product. Expansionary monetary policy usually diminishes the value of the currency, thereby decreasing the exchange rate, the opposite of expansionary monetary policy is contractionary monetary policy, which slows the rate of growth in the money supply or even shrinks it. This slows economic growth to prevent inflation, monetary policy is associated with interest rates and availability of credit. Instruments of monetary policy have included short-term interest rates and bank reserves through the monetary base, for many centuries there were only two forms of monetary policy, Decisions about coinage, Decisions to print paper money to create credit. Interest rates, while now thought of as part of monetary authority, were not generally coordinated with the forms of monetary policy during this time. Monetary policy was seen as a decision, and was generally in the hands of the authority with seigniorage. With the advent of larger trading networks came the ability to set the price between gold and silver, and the price of the currency to foreign currencies. This official price could be enforced by law, even if it varied from the market price, paper money called jiaozi originated from promissory notes in 7th century China. Jiaozi did not replace metallic currency, and were used alongside the copper coins, the successive Yuan Dynasty was the first government to use paper currency as the predominant circulating medium. In the later course of the dynasty, facing shortages of specie to fund war and their rule in China, they began printing paper money without restrictions. The goal of policy was to maintain the value of the coinage, print notes which would trade at par to specie. To accomplish this end, central banks as part of the standard began setting the interest rates that they charged. The maintenance of a standard required almost monthly adjustments of interest rates. The gold standard might be regarded as a case of fixed exchange rate policy

33.
Capital control
–
These measures may be economy-wide, sector-specific, or industry specific. They may apply to all flows, or may differentiate by type or duration of the flow, there have been several shifts of opinion on whether capital controls are beneficial and in what circumstances they should be used. Capital controls were a part of the Bretton Woods system which emerged after World War II. This period was the first time capital controls had been endorsed by mainstream economics, in the 1970s free market economists became increasingly successful in persuading their colleagues that capital controls were in the main harmful. The US, other governments, and the big multilateral financial institutions A fixed exchange rate, 2) an independent monetary policy. In the first age of globalization, governments largely chose to pursue a stable exchange rate while allowing freedom of movement for capital, the sacrifice was that their monetary policy was largely dictated by international conditions, not by the needs of the domestic economy. In the Bretton woods period, governments were free to have both generally stable exchange rates and independent monetary policies at the price of capital controls, the impossible trinity concept was especially influential during this era as a justification for capital controls. There have been three instances of capital controls in the EU and EFTA since 2008 – all of them triggered by banking crises, in its 2008 financial crisis, Iceland imposed capital controls due to the collapse of its banking system. As of 2015, Icelands capital controls have not been lifted – although Icelands government said in June 2015 that it planned to lift them. However, since the plans include a tax on taking capital out of the country. These capital controls were lifted in 2015, with the last controls being removed in April 2015 and it generally regulates inflows only and take ex-ante policy interventions. S. Or the complete freedom within regions such as the European Union, with its Four Freedoms, pro free market economists claim the following advantages for free movement of capital, It enhances overall economic growth by allowing savings to be channelled to their most productive use. By encouraging foreign direct investment it helps developing economies to benefit from foreign expertise, allows states to raise funds from external markets to help them mitigate a temporary recession. Enables both savers and borrowers to secure the best available market rate, when controls include taxes, funds raised are sometimes siphoned off by corrupt government officials for their personal use. Pro capital control economists have made the following points, Capital controls may represent an optimal macroprudential policy that reduces the risk of financial crises and prevents the associated externalities. Global economic growth was on average considerably higher in the Bretton Woods periods where capital controls were widely in use, using regression analysis, economists such as Dani Rodrik have found no positive correlation between growth and free capital movement. Capital controls limiting a nations residents from owning foreign assets can ensure that domestic credit is available more cheaply than would otherwise be the case and this sort of capital control is still in effect in both India and China. In India the controls encourage residents to provide cheap funds directly to the government, economic crises have been considerably more frequent since the Bretton Woods capital controls were relaxed

34.
Discount window
–
The term originated with the practice of sending a bank representative to a reserve bank teller window when a bank needed to borrow money. The interest rate charged on loans by a central bank is called the discount rate, base rate, or repo rate. It is also not the thing as the federal funds rate or its equivalents in other currencies. In recent years, the discount rate has been approximately a point above the federal funds rate. Because of this, it is a relatively unimportant factor in the control of the supply and is only taken advantage of at large volume during emergencies. In the United States, there are several different rates charged to institutions borrowing at the Discount Window. In 2006, these were, the primary credit rate, the secondary rate. The Federal Reserve does not publish information regarding institutions eligibility for primary or secondary credit, primary and secondary credit is normally offered on a secured overnight basis, while seasonal credit is extended up to nine months. The primary credit is normally set 100 basis points above the federal funds target, the seasonal credit rate is set from an averaging of the effective fed funds rate and 90-day certificate of deposit rates. Institutions must provide acceptable collateral to secure the loan, the flood of funds released into the banking system reduced the immediate need for banks to rely on payments from other banks to make the payments they themselves owed others. This kept liquidity alive in the economy despite interruptions of communications, on August 17,2007, the Board of Governors of the Federal Reserve announced a temporary change to primary credit lending terms. The discount rate was cut by 50 bp—to 5. 75% from 6. 25%—and the term of loans was extended overnight to up to thirty days. This reduced the spread of the primary credit rate over the fed funds rate from 100 basis points to 50 basis points, the maximum term of loans was extended from thirty days to ninety days. Less than a year before the term was only overnight, the primary credit rate was also reduced to 3. 25% from 3. 50%, which cut the spread of the primary credit rate over the fed funds rate to 25 basis points from 50 basis points. With the bankruptcy of Lehman Brothers again the volume of borrowing requests increased dramatically, banks lend not directly to each other, but to the central bank and, on the other side, borrow not directly from each other, but from the central bank. In the eurozone the discount window is called Standing Facilities, which are used to manage overnight liquidity, qualifying counterparties can use the Standing Facilities to increase the amount of cash they have available for overnight settlements using the Marginal Lending Facility. Conversely, excess funds can be deposited within the European Central Bank System, counterparties must have collateral for the funds they receive from the Marginal Lending Facility and will be charged the overnight rate set by the ECBS. Excess capital can be deposited with the Deposit facility and they will earn interest at the rate offered by the ECBS

35.
Interest rate
–
An interest rate, is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed. The total interest on an amount lent or borrowed depends on the sum, the interest rate, the compounding frequency. It is defined as the proportion of an amount loaned which a lender charges as interest to the borrower and it is the rate a bank or other lender charges to borrow its money, or the rate a bank pays its savers for keeping money in an account. Annual interest rate is the rate over a period of one year, other interest rates apply over different periods, such as a month or a day, but they are usually annualised. A company borrows capital from a bank to buy assets for its business, in return, the bank charges the company interest. Base rate usually refers to the rate offered on overnight deposits by the central bank or other monetary authority. Annual percentage rate and effective annual rate or annual equivalent rate are used to help consumers compare products with different payment structures on a common basis, a discount rate is applied to calculate present value. Interest rate targets are a tool of monetary policy and are taken into account when dealing with variables like investment, inflation. The central banks of countries tend to reduce interest rates when they wish to increase investment. In the past two centuries, interest rates have been variously set either by national governments or central banks, during an attempt to tackle spiraling hyperinflation in 2007, the Central Bank of Zimbabwe increased interest rates for borrowing to 800%. Possibly before modern capital markets, there have been some accounts that savings deposits could achieve a return of at least 25%. Political short-term gain, Lowering interest rates can give the economy a short-run boost, under normal conditions, most economists think a cut in interest rates will only give a short term gain in economic activity that will soon be offset by inflation. The quick boost can influence elections, Most economists advocate independent central banks to limit the influence of politics on interest rates. Deferred consumption, When money is loaned the lender delays spending the money on consumption goods, since according to time preference theory people prefer goods now to goods later, in a free market there will be a positive interest rate. Inflationary expectations, Most economies generally exhibit inflation, meaning a given amount of money buys fewer goods in the future than it will now, the borrower needs to compensate the lender for this. Alternative investments, The lender has a choice between using his money in different investments, if he chooses one, he forgoes the returns from all the others. Different investments effectively compete for funds, risks of investment, There is always a risk that the borrower will go bankrupt, abscond, die, or otherwise default on the loan. This means that a lender generally charges a premium to ensure that, across his investments

36.
Money creation
–
Money creation is the process by which the money supply of a country or a monetary region is increased. A central bank may introduce new money into the economy by purchasing financial assets or lending money to financial institutions. However, in most countries today, most of the supply is in the form of bank deposits. Bank lending increases the amount of broad money beyond the amount of money originally created by the central bank. Reserve requirements, capital adequacy ratios, and other policies of the central bank influence this process, Central banks monitor the amount of money in the economy by measuring monetary aggregates such as M2. The effect of policy on the money supply is indicated by comparing these measurements on various dates. For example, in the United States, money supply measured as M2 grew from $6.407 trillion in January 2005, Monetary policy regulates a countrys money supply, the amount of broad currency in circulation. Almost all modern nations have central banks such as the United States Federal Reserve System, the European Central Bank, charged with the smooth functioning of the money supply and financial markets, these institutions are generally independent of the government executive. The primary tool of policy is open market operations, the central bank buys and sells financial assets such as treasury bills, government bonds. Purchases of these result in currency entering market circulation, while sales of these assets remove currency. Usually, open market operations are designed to target a specific short-term interest rate, for example, the U. S. Federal Reserve may target the federal funds rate, the rate at which member banks lend to one another overnight. In other instances, they instead target a specific exchange rate relative to some foreign currency. Other monetary policy tools to expand the money supply include decreasing interest rates by fiat, increasing the monetary base, some other means are, discount window lending, moral suasion, and open mouth operations. The conduct and effects of policy and the regulation of the banking system are of central concern to monetary economics. In modern economies, relatively little of the supply of money is in physical currency. For example, in December 2010 in the United States, of the $8.853 trillion in broad money supply, only about 10% consisted of physical coins, the manufacturing of new physical money is usually the responsibility of the central bank, or sometimes, the governments treasury. Contrary to popular belief, money creation in a modern economy does not directly involve the manufacturing of new physical money, such as paper currency or metal coins. Instead, when the central bank expands the money supply through open market operations, governments or commercial banks may draw on these accounts to withdraw physical money from the central bank

37.
Sovereign wealth fund
–
Most SWFs are funded by revenues from commodity exports or from foreign-exchange reserves held by the central bank. By historic convention, the United States Social Security Trust Fund, other sovereign wealth funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a significant role in fiscal management. These are assets of the nations that are typically held in domestic. Such investment management entities may be set up as official investment companies, state funds, or sovereign funds. There have been attempts to distinguish funds held by sovereign entities from foreign-exchange reserves held by central banks, Sovereign wealth funds can be characterized as maximizing long-term return, with foreign exchange reserves serving short-term currency stabilization, and liquidity management. Many central banks in recent years possess reserves massively in excess of needs for liquidity or foreign exchange management. Moreover, it is believed most have diversified hugely into assets other than short-term, highly liquid monetary ones. Some central banks have begun buying equities, or derivatives of differing ilk. The term sovereign wealth fund was first used in 2005 by Andrew Rozanov in an article entitled, some of them have grabbed attention making bad investments in several Wall Street financial firms such as Citigroup, Morgan Stanley, and Merrill Lynch. These firms needed a cash infusion due to losses resulting from mismanagement, SWFs invest in a variety of asset classes such as stocks, bonds, real estate, private equity and hedge funds. Many sovereign funds are directly investing in real estate. In the first half of 2014, global sovereign wealth fund direct deals amounted to $50.02 bil according to the SWFI, Sovereign wealth funds have existed for more than a century, but since 2000, the number of sovereign wealth funds has increased dramatically. The first SWFs were non-Federal U. S. state funds established in the century to fund specific public services. The U. S. state of Texas was thus the first to establish such a scheme, the Permanent School Fund was created in 1854 to benefit primary and secondary schools, with the Permanent University Fund following in 1876 to benefit universities. The PUF was endowed with lands, the ownership of which the state retained by terms of the 1845 annexation treaty between the Republic of Texas and the United States. While the PSF was first funded by an appropriation from the state legislature, the first SWF established for a sovereign state is the Kuwait Investment Authority, a commodity SWF created in 1953 from oil revenues before Kuwait gained independence from the United Kingdom. According to many estimates, Kuwaits fund is now worth approximately US$600 billion, another early registered SWFs is the Revenue Equalization Reserve Fund of Kiribati. Created in 1956, when the British administration of the Gilbert Islands in Micronesia put a levy on the export of used in fertilizer

38.
International Monetary Fund
–
The International Monetary Fund is an international organization headquartered in Washington, D. C. It now plays a role in the management of balance of payments difficulties. Countries contribute funds to a pool through a system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion, the rationale for this is that private international capital markets function imperfectly and many countries have limited access to financial markets. The IMF provides alternate sources of financing and this assistance was meant to prevent the spread of international economic crises. The IMF was also intended to help mend the pieces of the economy after the Great Depression. As well, to provide investments for economic growth and projects such as infrastructure. The IMFs role was altered by the floating exchange rates post-1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine if a shortage of capital was due to economic fluctuations or economic policy, the IMF also researched what types of government policy would ensure economic recovery. Rather than maintaining a position of oversight of only exchange rates and their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality, nonconcessional loans, which include interest rates, are provided mainly through Stand-By Arrangements, the Flexible Credit Line, the Precautionary and Liquidity Line, and the Extended Fund Facility. The IMF provides emergency assistance via the Rapid Financing Instrument to members facing urgent balance-of-payments needs, the IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. This activity is known as surveillance and facilitates international cooperation, the responsibilities changed from those of guardian to those of overseer of members’ policies. In 1995 the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The executive board approved the SDDS and GDDS in 1996 and 1997 respectively, the system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals, some countries initially used the GDDS, but later upgraded to SDDS. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in the form of policy reform, if the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 Executive Board decision, conditionality is associated with economic theory as well as an enforcement mechanism for repayment

39.
World Bank Group
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The World Bank Group is a family of five international organizations that make leveraged loans to developing countries. It is the largest and most famous development bank in the world and is an observer at the United Nations Development Group. The bank is based in Washington, D. C. and provided around $61 billion in loans and assistance to developing, the banks stated mission is to achieve the twin goals of ending extreme poverty and building shared prosperity. Total lending as of 2015 for the last 10 years through Development Policy Financing was approximately $117 billion, the IBRD and IDA provide loans at preferential rates to member countries, as well as grants to the poorest countries. Loans or grants for projects are often linked to wider policy changes in the sector or the countrys economy as a whole. The World Bank has received various criticisms over the years and was tarnished by a scandal with the banks then President Paul Wolfowitz and his aide, Shaha Riza, in 2007. The WBG came into existence on 27 December 1945 following international ratification of the Bretton Woods agreements. It also provided the foundation of the Osiander Committee in 1951, commencing operations on 25 June 1946, it approved its first loan on 9 May 1947. All of the 193 UN members and Kosovo that are WBG members participate at a minimum in the IBRD, as of May 2016, all of them also participate in some of the other 4 organizations, IDA, IFC, MIGA, ICSID. Together with four affiliated agencies created between 1957 and 1988, the IBRD is part of the World Bank Group, the Groups headquarters are in Washington, D. C. It is an organization owned by member governments, although it makes profits. Membership gives certain voting rights that are the same for all countries, the President of the World Bank is nominated by the President of the United States and elected by the Banks Board of Governors. As of 15 November 2009 the United States held 16. 4% of total votes, Japan 7. 9%, Germany 4. 5%, the United Kingdom 4. 3%, and France 4. 3%. As changes to the Banks Charter require an 85% super-majority, the US can block any change in the Banks governing structure. The term World Bank generally refers to just the IBRD and IDA, the World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries. The IBRD has 189 member governments, and the institutions have between 153 and 184 members. The institutions of the World Bank Group are all run by a Board of Governors meeting once a year, each member country appoints a governor, generally its Minister of Finance. On a daily basis the World Bank Group is run by a Board of 25 Executive Directors to whom the governors have delegated certain powers, each Director represents either one country, or a group of countries

Copenhagen
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Copenhagen, Danish, København, Latin, Hafnia) is the capital and most populous city of Denmark. Copenhagen has an population of 1,280,371. The Copenhagen metropolitan area has just over 2 million inhabitants, the city is situated on the eastern coast of the island of Zealand, another small portion of the city is located on Amager, and is separated

Kingdom of Denmark
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The term Danish Realm refers to the relationship between Denmark proper, the Faroe Islands and Greenland—three countries constituting the Kingdom of Denmark. The legal nature of the Kingdom of Denmark is fundamentally one of a sovereign state. The Faroe Islands and Greenland have been part of the Crown of Denmark since 1397 when the Kalmar Union wa

1.
The gilded side of the Trundholm sun chariot dating from the Nordic Bronze Age.

2.
Flag

3.
The Ladby ship, the largest ship burial found in Denmark.

4.
Larger of the two Jelling stones, raised by Harald Bluetooth.

Danish krone
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The krone is the official currency of Denmark, Greenland and the Faroe Islands, introduced on 1 January 1875. Both the ISO code DKK and currency sign kr. are in use, the former precedes the value. The currency is referred to as the Danish crown in English. Historically, krone coins have been minted in Denmark since the 17th century, one krone is su

1.
1000 kroner banknote

3.
Two golden 20 kr coins from the Scandinavian Monetary Union, with identical weight and composition. The coin to the left is Swedish and the right one is Danish.

4.
A tin - bronze 50-øre coin

ISO 4217
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The ISO4217 code list is used in banking and business globally. ISO4217 codes are used on tickets and international train tickets to remove any ambiguity about the price. The first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes and the third is usually the initial of the currency itself, so Japans currency code

1.
An airline ticket showing the price in the ISO 4217 code " EUR " (bottom left) and not the currency sign €

2.
A list of exchange rates for various base currencies given by a money changer in Thailand, with the Thailand Baht as the counter (or quote) currency.

Central bank
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A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. St

1.
Public finance

2.
The old town hall in Amsterdam where the Bank of Amsterdam was founded in 1609, painting by Pieter Saenredam.

3.
The sealing of the Bank of England Charter (1694).

4.
The Bank of England, established in 1694.

Eurozone
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The eurozone, officially called the euro area, is a monetary union of 19 of the 28 European Union member states which have adopted the euro as their common currency and sole legal tender. The monetary authority of the eurozone is the Eurosystem, the other nine members of the European Union continue to use their own national currencies, although mos

1.
The European Central Bank (seat in Frankfurt depicted) is the supranational monetary authority of the eurozone.

3.
Euro Group President Jeroen Dijsselbloem

European System of Central Banks
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The European System of Central Banks consists of the European Central Bank and the national central banks of all 28 member states of the European Union. The ESCB is not the authority of the eurozone, because not all EU member states have joined the euro. That role is performed by the Eurosystem, which includes the central banks of the 19 member sta

1.
ESCB

ESCB
–
The European System of Central Banks consists of the European Central Bank and the national central banks of all 28 member states of the European Union. The ESCB is not the authority of the eurozone, because not all EU member states have joined the euro. That role is performed by the Eurosystem, which includes the central banks of the 19 member sta

1.
ESCB

Monetary policy
–
Further goals of a monetary policy are usually to contribute to economic growth and stability, to lower unemployment, and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy, since the 1970s, monetary policy has generally been formed separately from fiscal po

1.
Public finance

Arne Jacobsen
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Arne Emil Jacobsen, Hon. FAIA was a Danish architect and designer. He is remembered for his contribution to architectural Functionalism as well as for the success he enjoyed with simple. Arne Jacobsen was born on 11 February 1902 in Copenhagen and his father Johan was a wholesale trader in safety pins and snap fasteners. His mother Pouline was a ba

1.
Arne Emil Jacobsen

2.
One of Jacobsen's lifeguard towers at Bellevue Beach

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Århus City Hall

4.
Søholm I terraced houses, Klampenborg

Ministry of Finance of Denmark
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The Ministry of Finance of Denmark (Danish Finansministeriet]] is a ministry in the Government of Denmark. Among other things, it is in charge of the government budget, paying government employees, the current Finance Minister of Denmark is Kristian Jensen. The Ministry of Finance was established on November 24,1848, in 1968, the Ministry of Financ

1.
Headquarters, Slotsholmsgade, Copenhagen

Banknote
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A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the

1.
Banknotes with a face value of 5000 of different currencies.

2.
The current banknotes of the Swiss franc series possess at least eighteen security features. As of 2015, the Swiss 1000-franc banknote is the world's highest value currently-issued banknote, followed by the Singapore 1000-dollar note and the 500 euro note.

3.
Song Dynasty Jiaozi, the world's earliest paper money.

4.
A Yuan dynasty printing plate and banknote.

Outsourcing
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In business, outsourcing involves the contracting out of a business process and operational, and/or non-core functions to another party. The concept outsourcing came from the American Glossary outside resourcing and it dates back to at least 1981, Outsourcing sometimes involves transferring employees and assets from one firm to another, but not alw

1.
Terminology

Frederick VI of Denmark
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Frederick VI was King of Denmark from 13 March 1808 to 3 December 1839 and King of Norway from 13 March 1808 to 7 February 1814. From 1784 until his accession, he served as regent during his fathers illness and was referred to as the Crown Prince Regent. For his motto he chose God and the just cause and since the time of his reign, Frederick was bo

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Portrait by Hans Hansen, 1824

2.
The newborn prince with his mother Queen Caroline Matilda.

3.
19-year-old Crown Prince Frederick, surrounded by his staff. In the background Frederiksberg Palace. Painted by Christian August Lorentzen.

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The anointment of King Frederick VI at Frederiksborg Palace on 31 July 1815. The ceremony was postponed due to the Napoleonic Wars.

Hans Peter Hansen
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Hans Peter Hansen was a Danish xylographer who specialized in portraits. He first learned the profession of watchmaking before studying woodcutting under Hans Christian Henneberg, Johann Adolf Kittendorff, at the same time, he also followed courses at the Academy of Arts of Copenhagen. In 1854, he travelled to Germany, first to Dresden and then to

Wilhelm Sponneck
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Wilhelm Carl Eppingen Sponneck was a Danish nobleman and Minister of Finance. He was influential in Danish customs affairs for several years, wilhelm Carl Eppingen Sponneck was born in Ringkøbing in 1815. He graduated from Sorø Academy in 1832, and entered into a study of the law and he received a law degree in 1836. He was employed in the Danish c

Coat of arms of Denmark
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The national coat of arms of Denmark consists of three pale blue lions passant wearing crowns, accompanied by nine red lilypads, all in a golden shield. It is historically the coat of arms of the House of Estridsen, the current design was introduced in 1819, under Frederick VI. Previously, there had no distinction between the national and the royal

1.
Relief of the Coat of Arms of Denmark, at the Danish House in Paris.

2.
The Danish arms in the Gelre Armorial, 14th century. This is the oldest coloured image of the Dannebrog. The crest was used by Danish monarchs from the 13th century until c. 1420. The flag is not part of the crest.

3.
• King Christian IV

4.
Coat of arms from Trinity Church, Copenhagen.

Schleswig
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The region is also called Sleswick in English. Roman sources place the homeland of the Jute tribe north of the river Eider and that of the Angles to its south, who in turn abutted the neighbouring Saxons. During the early Viking Age, Haithabu - Scandinavias biggest trading centre - was located in this region and its construction, and in particular

1.
Danish Map of Southern Jutland (1918)

2.
Coat of arms

Holstein
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Holstein is the region between the rivers Elbe and Eider. It is the half of Schleswig-Holstein, the northernmost state of Germany. Holstein once existed as the County of Holstein, the later Duchy of Holstein, the history of Holstein is closely intertwined with the history of the Danish Duchy of Schleswig. The capital of Holstein is Kiel, Holsteins

1.
Map of the Duchy of Holstein c1815-66

2.
Coat of arms of Holstein: a stylised nettle leaf; similar to the coat of arms of Schaumburg

Second War of Schleswig
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The Second Schleswig War was the second military conflict as a result of the Schleswig-Holstein Question. It began on 1 February 1864, when Prussian forces crossed the border into Schleswig, decisive controversy arose due to the passing of the November Constitution, which integrated the Duchy of Schleswig into the Danish kingdom in violation of the

1.
Painting of the Danish attack at the Battle of Dybbøl by Vilhelm Jacob Rosenstand (1894)

2.
Map of the territory involved within the Schleswig War

3.
Austrian illustration of the battle for Königshügel

4.
The Battle of Dybbøl by Jørgen Valentin Sonne, 1871.

Heart (symbol)
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The heart shape is an ideograph used to express the idea of the heart in its metaphorical or symbolic sense as the center of emotion, including affection and love, especially romantic love. The wounded heart indicating love sickness came to be depicted as a heart pierced with an arrow. The combination of the shape and its use within the heart metap

1.
The earliest known visual depiction of a heart symbol, as a lover hands his heart to the beloved lady, in a manuscript of the Roman de la poire, mid-13th century.

Mint mark
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A mint mark is a letter, symbol or an inscription on a coin indicating the mint where the coin was produced. Mint marks were first developed to locate a problem, if a coin was underweight, or overweight, the mint mark would immediately tell where the coin was minted, and the problem could be located and fixed. Another problem which could occur woul

Crown of Christian V
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The crown of King Christian V of Denmark was the crown used at the coronation of all of Denmarks absolutist kings. While the reign of such monarchs ended in 1840, the crown is used during a Danish kings castrum doloris. Used by the kings from Christian V to Christian VIII, made by Paul Kurtz in Copenhagen, 1670–1671. Gold with enamel and table-cut

1.
Crown of Christian V

Economy of Denmark
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Denmark is the 39th largest national economy in the world measured by nominal gross domestic product and 60th largest in the world measured by purchasing power parity. Denmark has an economy based on services and manufacturing. It relies heavily on human resources, but not exclusively, as there are a few significant and valuable natural resources a

Economy of the Faroe Islands
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The economy of the Faroe Islands was the 166th largest in the world in 2014, having a nominal gross domestic product of $2.613 billion per annum. High dependence on fishing means the economy remains extremely vulnerable, the Faroese hope to broaden their economic base by building new fish-processing plants. Petroleum found close to the Faroese area

1.
Tórshavn is the capital and largest town of the Faroe Islands

Economy of Greenland
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The economy of Greenland can be characterized as small, mixed and vulnerable. Unemployment nonetheless remains high, with the rest of the economy dependent upon demand for exports of shrimp, except for an abortive royal colony established under Major Claus Paarss between 1728 and 1730, colonial Greenland was administered by companies under royal ch

1.
The Bank of Greenland headquarters in Nuuk

2.
Greenland Export Treemap

Economy of Europe
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The economy of Europe comprises more than 731 million people in 48 different countries. Like other continents, the wealth of Europes states varies, although the poorest are well above the poorest states of other continents in terms of GDP and living standards. The end of World War II brought European countries closer together, culminating in the fo

1.
Labour productivity levels in Europe. OECD, 2012

Financial Supervisory Authority (Denmark)
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The Danish Financial Supervisory Authority is the financial regulatory authority of the Danish government responsible for the regulation of financial markets in Denmark. Finanstilsynet is part of the Ministry of Economic and Business Affairs and also acts as secretariat for the Financial Business Council, the Danish Securities Council and the Money

1.
Danish Financial Supervisory Authority

Bank for International Settlements
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The BIS carries out its work through its meetings programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and it is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City

1.
BIS main building in Basel, Switzerland

Financial Stability Board
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The Financial Stability Board is an international body that monitors and makes recommendations about the global financial system. It was established after the 2009 G20 London summit in April 2009 as a successor to the Financial Stability Forum, the Board includes all G20 major economies, FSF members, and the European Commission. It is based in Base

1.
Financial Stability Board

Contractionary monetary policy
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Further goals of a monetary policy are usually to contribute to economic growth and stability, to lower unemployment, and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy, since the 1970s, monetary policy has generally been formed separately from fiscal po

1.
Public finance

Expansionary monetary policy
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Further goals of a monetary policy are usually to contribute to economic growth and stability, to lower unemployment, and to maintain predictable exchange rates with other currencies. Monetary economics provides insight into how to craft an optimal monetary policy, since the 1970s, monetary policy has generally been formed separately from fiscal po

1.
Public finance

Capital control
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These measures may be economy-wide, sector-specific, or industry specific. They may apply to all flows, or may differentiate by type or duration of the flow, there have been several shifts of opinion on whether capital controls are beneficial and in what circumstances they should be used. Capital controls were a part of the Bretton Woods system whi

1.
A widespread system of capital controls were decided upon at the international 1944 conference at Bretton Woods

2.
Finance workers such as those in the International Finance Centre in Hong Kong may find ways to profitably exploit any loop holes in capital controls, often only weeks or days after they are implemented.

Discount window
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The term originated with the practice of sending a bank representative to a reserve bank teller window when a bank needed to borrow money. The interest rate charged on loans by a central bank is called the discount rate, base rate, or repo rate. It is also not the thing as the federal funds rate or its equivalents in other currencies. In recent yea

1.
Usage of the deposit facility of the European Central Bank

Interest rate
–
An interest rate, is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed. The total interest on an amount lent or borrowed depends on the sum, the interest rate, the compounding frequency. It is defined as the proportion of an amount loaned which a lender charges as interest to the borrower and it is the

Money creation
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Money creation is the process by which the money supply of a country or a monetary region is increased. A central bank may introduce new money into the economy by purchasing financial assets or lending money to financial institutions. However, in most countries today, most of the supply is in the form of bank deposits. Bank lending increases the am

1.
The expansion of $100 through fractional-reserve lending under the re-lending model of money creation, at varying rates. Each curve approaches a limit. This limit is the value that the money multiplier calculates. Note that the top amount resulting in $1000 is not 20% but 10% as 100/0.1=1000.

2.
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (September 2013)

Sovereign wealth fund
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Most SWFs are funded by revenues from commodity exports or from foreign-exchange reserves held by the central bank. By historic convention, the United States Social Security Trust Fund, other sovereign wealth funds are simply the state savings that are invested by various entities for the purposes of investment return, and that may not have a signi

1.
Public finance

2.
Terminology

3.
Basic investment types

International Monetary Fund
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The International Monetary Fund is an international organization headquartered in Washington, D. C. It now plays a role in the management of balance of payments difficulties. Countries contribute funds to a pool through a system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion,

1.
IMF "Headquarters 1" in Washington, D.C.

2.
Coat of arms

3.
The Gold Room within the Mount Washington Hotel where the Bretton Woods Conference attendees signed the agreements creating the IMF and World Bank

4.
First page of the Articles of Agreement of the International Monetary Fund, 1 March 1946. Finnish Ministry of Foreign Affairs archives

World Bank Group
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The World Bank Group is a family of five international organizations that make leveraged loans to developing countries. It is the largest and most famous development bank in the world and is an observer at the United Nations Development Group. The bank is based in Washington, D. C. and provided around $61 billion in loans and assistance to developi

1.
The World Bank Group Building in Washington D.C.

2.
The World Bank Sign on the building

3.
A young World Bank protester in Jakarta, Indonesia.

4.
World Bank / IMF protesters smashed the windows of this PNC Bank branch located in the Logan Circle neighborhood of Washington, D.C.

2.
Count Johann Philipp von Stadion receives from Francis I (Franz I.), the first Emperor of Austria, the charter for the foundation of the National Bank of Austria in Vienna. Bronze medal to the 100th Anniversary on 1 June 1916, obverse. Medallist Stefan Schwartz.

2.
Count Johann Philipp von Stadion receives from Francis I (Franz I.), the first Emperor of Austria, the charter for the foundation of the National Bank of Austria in Vienna. Bronze medal to the 100th Anniversary on 1 June 1916, obverse. Medallist Stefan Schwartz.